Company: MicroPlanet Technology Corp.
Stock Listing: MP:TSXV
Stock Listing (US): MCTYF: OTC
Web Site: www.microplanet.com
SEATTLE, WA, June 19, 2012 /CNW/ - MicroPlanet Technology Corp. ("MicroPlanet" or the "Company"), (TSXV: MP) & (OTC: MCTYF) a provider of smart grid technology, which significantly increases efficiency, quality, and conservation, of electricity, today is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement of secured, convertible notes (the "Closing") in the principal amount of $800,000 (the "Notes"). The Notes have a two-year term and bear interest at a rate of twelve percent (12%) per annum payable in arrears upon maturity. The holders of the Notes will have the option to convert the principal amount into common shares in the capital of the Company at a conversion price of $0.07 per share, or receive full repayment in cash at the end of the term. The Company may, at its option, at any time before the maturity date, pre-pay and redeem the Notes, provided that interest is paid in full to the original maturity date. The Notes were sold pursuant to applicable registration and prospectus exemptions to qualified investors in Canada.
In conjunction with the Closing, the Company also announces that it has reached agreements with existing note holders to extend the maturity and interest payable to December 31, 2013, subject to the receipt of the approval of the TSX Venture Exchange and applicable securities regulatory authorities.
We are very appreciative to our existing debt holders for their continued support and their extension of our existing debt and interest due to December 31, 2013," stated Brett Ironside, MicroPlanet President and CEO. "Along with the future closing of additional Notes, we are concurrently working on an equity financing that will further strengthen our balance sheet and eliminate any working capital deficiency.
About MicroPlanet Technology Corp.
MicroPlanet solutions improve power quality and save energy by dynamically managing incoming voltage to a home or business through the use of patented, advanced power electronics. MicroPlanet's technology has been deployed in seven countries by more than 20 utilities, the U.S military and multiple commercial customers to save energy, improve power quality and grid efficiency and to facilitate the integration of renewable energy sources, including solar and wind. MicroPlanet is based in Seattle, WA and is listed on the TSXV trading under the stock symbol: MP. www.microplanet.com.
THIS NEWS RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED. THE RISKS, UNCERTAINTIES AND OTHER FACTORS, BOTH KNOWN AND UNKNOWN, THAT COULD INFLUENCE ACTUAL RESULTS MAY BE SUBSTANTIAL AND INCLUDE THOSE DESCRIBED IN DOCUMENTS FILED WITH REGULATORY AUTHORITIES, SUCH AS THE COMPANY'S MOST RECENTLY FILED ANNUAL AND QUARTERLY REPORTS. ACCORDINGLY, NO ASSURANCES CAN BE GIVEN THAT ANY OF THE EVENTS ANTICIPATED BY THE FORWARD-LOOKING STATEMENTS WILL TRANSPIRE OR OCCUR, OR IF ANY OF THEM DO SO, WHAT BENEFITS THE COMPANY WILL DERIVE THEREFROM.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THE TERM IS DEFINED IN THE POLICIES OF THE TSXV ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
MicroPlanet Company Contacts:
President & Chief Executive Officer